Polygon

<p>MATIC price has seen a nice pump of around 10% in the last 24 hours, trading around $0.91 at press time. The price spike comes amid broader optimism in crypto markets following last night’s ETF approvals in the US.</p>
<p>Technically, the price remains in an uptrend following a bullish breakout from a symmetrical triangle pattern in late December. After spiking over 20%, MATIC met resistance around the psychological $1.00 level and pulled back.</p>
<p>This could present an attractive swing trade entry near support around $0.75, with upside potential back towards $1.00 (+7% from current levels). A stop loss around $0.70, just below the prior swing low, could help manage downside risk.</p>
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<p>As the head of content at <a href="https://captainaltcoin.com/tag/news/" target="_blank" rel="noopener noreferrer nofollow">CaptainAltcoin</a> and an experienced crypto analyst, Petar <a href="https://x.com/on_chain_pj/status/1745129920517329244?s=20" target="_blank" rel="noopener noreferrer nofollow">provided</a> some words of caution on Polygon’s outlook on X (Twitter):</p>
<p><em>“$MATIC facing big resistance at $1.567, aligning with the 3.618 Fibonacci extension level, a level not reached since 2022. #Polygon’s RSI is at 45, suggesting a slightly bearish but stabilizing trend. #MATIC investors, today’s pump shouldn’t amaze you…”</em></p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="543" src="https://captainaltcoin.com/wp-content/uploads/2024/01/image-291-1024x543.png" alt="" class="wp-image-418430" srcset="https://captainaltcoin.com/wp-content/uploads/2024/01/image-291-1024x543.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-291-300x159.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-291-768x407.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-291-1536x814.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-291-2048x1086.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-291-283x150.png 283w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-291-100x53.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-291-660x350.png 660w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-291-788x417.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-291.png 1513w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>In essence, Petar sees strong chart resistance around $1.57 based on the key Fibonacci level, which MATIC hasn’t reached since the highs of 2022. He also notes the RSI around 45 signals a modestly bearish trend that seems to be stabilizing. His message to investors is not to get overly excited about today’s pump, as significant resistance lies ahead before a major breakout should be expected.</p>
<p>Getting through the $1.57 area would be key according to Petar’s analysis. Until then, further upside could still materialize, but likely capped to some degree around the $1.00 level in the near-term. Traders may look to play the range, but less seasoned investors may do best to temper expectations.</p>
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<p>The post <a href="https://captainaltcoin.com/polygon-matic-price-is-on-the-uptrend-but-heres-the-catch/" rel="noopener noreferrer nofollow">Polygon (MATIC) Price Is on the Uptrend, But Here’s the Catch</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Polygon (MATIC) Price Is on the Uptrend, But Here’s the Catch

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